My wife and I are in year 2 of our IVA. We currently have a mortgage on our property. Are we allowed to move house ( to the same value but bigger house due to us having a child and our current house is too small now) during the IVA period ? If so what are the chances of getting a mortgage on the new propery ( we are currently with Invocas)
Your IP should have no problem but it would be very difficult to source a new mortgage. Speak to your existing lender about moving the existing mortgage and if they approve your IP may go along with it. Any restriction and 4th year valuation would be transferred to the new property.
I will have to make enquiries. We are with the Halifax. We were on an endowment mortgage which had to be surenderred to release this money £5k. As a result they have transferred me to a repayment mortgage but they haven't provided any new T&C's.
Welcome to the forum from myself and good luck with your move, hope it's allowed for you It's the one thing I'm waiting to do post IVA and it couldn't come soon enough, although I will downsize as mine have all now grown up x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
